Gillian Hyde, General Manager, JN Small Business Loans (JNSBL) and Terrence Cooper, CEO, CRIF NM Credit Assure Ltd at the signing of the agreement for CRIF NM to provide credit report for JNSBL clients. The signing took place at the JN Conference Centre in April.
JN Small Business Loans Ltd. (JNSBL) and the CRIF NM Credit Bureau have signed an Agreement for CRIF to provide Credit Reports for persons seeking to access financing from JNSBL.
The signing took place at the JN Conference Centre on Duke Street in downtown Kingston recently; and the Agreement will take effect on June 1.
Under the terms of the Agreement, JNSBL will be a Credit Information Provider, while CRIF NM Credit Assure Limited, a licensed Credit Bureau under the Credit Reporting Act (2010), will provide credit reports and credit scores generated for JNSBL clients.
“This Agreement with CRIF NM represents a bold step to assist our clients to gain easier access to financing for their businesses.” stated Mrs. Gillian Hyde, general manager, JNSBL.
She also indicated that the company will assist customers to appreciate the value of a Credit Report, further indicating that “JNSBL will seek to support our clients as they better understand how attitude to financial obligations affect their credit history and how maintaining an excellent credit history may open new opportunities for accessing enhanced credit solutions.”
She explained that under the terms of the Agreement, clients need to give their written consent for JNSBL to request a Credit Report, as part of its processing of their loan application. The process will be transparent; the clients’ information will be confidential; and the scores will be kept for three months.
Mr. Terrence Cooper, Chief Executive Officer of CRIF NM, explained that Credit Reports provide benefits for both lenders and borrowers.
“A Credit Report has significant advantages for lenders and borrowers. For the borrowers, whom many do not have a borrowing relationship with a commercial bank; having a credit history which will generate a report about their transactions, will open the door for them to access more funds, at lower interest rates; and experience a shorter loan processing time,” he stated.
“The benefit to the lending institutions is that it allows them to better assess the borrower; and, the ability to offer flexible interest rates and more suitable lending products as well as process loans faster and with more accuracy and transparency,” he added.
CRIF NM Credit Assure Ltd is one of three Credit Bureaus licensed by the Bank of Jamaica to operate in Jamaica, under the Credit Reporting Act of 2010. The other bureaus are Credit Info Jamaica Ltd and Credit Information Services Ltd.
All of these Credit Bureaus are independent agencies, which compile data on the borrowing and payment habits of consumers. The data allow lenders to view their applicants’ credit history and performance in order to assist their lending decisions.
